Maryland State Retirement & Pension System Trims Stake in ProPetro Holding Corp. $PUMP

Maryland State Retirement & Pension System trimmed its holdings in shares of ProPetro Holding Corp. (NYSE:PUMP) by 12.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,793 shares of the company’s stock after selling 3,291 shares during the quarter. Maryland State Retirement & Pension System’s holdings in ProPetro were worth $175,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wells Fargo & Company MN boosted its holdings in shares of ProPetro by 82.9% in the 4th quarter. Wells Fargo & Company MN now owns 76,870 shares of the company’s stock valued at $717,000 after buying an additional 34,831 shares in the last quarter. Renaissance Technologies LLC increased its holdings in ProPetro by 175.0% in the 4th quarter. Renaissance Technologies LLC now owns 239,800 shares of the company’s stock worth $2,237,000 after buying an additional 152,600 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of ProPetro in the fourth quarter worth $94,000. Mariner LLC raised its stake in shares of ProPetro by 23.4% during the 4th quarter. Mariner LLC now owns 22,687 shares of the company’s stock valued at $212,000 after buying an additional 4,304 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in ProPetro during the fourth quarter valued at approximately $502,000. Institutional investors own 84.70% of the company’s stock.

ProPetro Price Performance

Shares of NYSE PUMP opened at $4.6650 on Wednesday. The firm has a market capitalization of $485.02 million, a PE ratio of -3.17 and a beta of 1.18. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.35 and a current ratio of 1.42. ProPetro Holding Corp. has a fifty-two week low of $4.60 and a fifty-two week high of $11.17. The stock’s 50-day simple moving average is $5.82 and its 200-day simple moving average is $6.35.

ProPetro (NYSE:PUMP) last issued its earnings results on Wednesday, July 30th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.10). The company had revenue of $326.15 million during the quarter, compared to analyst estimates of $331.26 million. ProPetro had a negative net margin of 11.10% and a positive return on equity of 1.84%. The company’s quarterly revenue was down 9.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.03) EPS. As a group, equities research analysts forecast that ProPetro Holding Corp. will post 0.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PUMP has been the subject of a number of analyst reports. Piper Sandler reduced their price target on ProPetro from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, August 14th. Stifel Nicolaus set a $10.00 price target on shares of ProPetro and gave the stock a “buy” rating in a research note on Wednesday, July 16th. Finally, JPMorgan Chase & Co. lowered their price objective on ProPetro from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 28th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, ProPetro presently has an average rating of “Hold” and an average price target of $8.80.

ProPetro Profile

ProPetro Holding Corp. operates as an integrated oilfield services company. The company provides hydraulic fracturing, wireline, cementing, and other complementary oilfield completion services to upstream oil and gas companies in the Permian Basin. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.